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Instead Of Paying SEC Fine, Hedge Fund Manager Allegedly Spent $300K On Basketball Tickets, Vacations And Pottery Barn
Last year, California-based hedge fund manager Larry Goldfarb was charged by the Securities and Exchange Commission with concealing more than $ 12 million in investment proceeds that he owed investors in his fund.
On March 1, 2011, Goldfarb, he founding partner of LRG Capital Group, decided to settle with the SEC without admitting or denying allegations.
As part of that settlement, the fund manager agreed to pay back $ 12,112,416 and prejudgment interest of $ 1,967,371 to the fund’s investors. He also agreed to pay a $ 130,000 fine, according to the filing.
The Marin Independent Journal’s Will Jason is reporting that Goldfarb is now facing seizure of his assets and prosecution.
That’s because instead of paying back all that money he owes, he allegedly financed a lavish lifestyle for himself over the past year, the report said citing a civil contempt order.
Here’s a rundown of some of the things he is allegedly bought since March 2011:
- Warriors basketball tickets ($ 43,000)
- Three chartered airplane flights ($ 46,000)
- Luxury hotels in Beverly Hills, Palm Springs and Sonoma ($ 15,000)
- Three weeks at a Stinson Beach house ($ 14,000)
- Engagement party expenses ($ 11,666)
- Stuff from Pottery Barn ($ 8,000)
According to the report citing the court order, Goldfarb has only paid back $ 80,000 and those personal expenses add up to about $ 300,000.
He claims that those expenses were incurred before the SEC settlement, the report said.
We called Goldfarb requesting a comment. We’ll update this post when we hear back.